If you've received a U.S. 1099-DIV form reporting dividend income, you'll need to report this on your Canadian tax return. Here's how to do it in Wealthsimple Tax:

Steps to report 1099-DIV income:

1. Add the Other Foreign Income & Foreign Tax Credits section to your profile
2. In this section, select Interest (not reported elsewhere) as the type of income
3. Enter your income details:
   • Option 1: Enter amounts in Canadian dollars
   • Option 2: Enter amounts in U.S. dollars and provide the exchange rate in the FX column

Reporting withholding tax:

• If tax was withheld on your dividend income, enter this amount as well
• Wealthsimple Tax will automatically calculate your foreign tax credit (if applicable)
  • You can view the calculated foreign tax credit in the Foreign Tax Credits Summary section of your profile

Important notes:

• Use the Bank of Canada's annual average exchange rate for the tax year when converting amounts to Canadian dollars
• Keep your 1099-DIV form and any currency conversion calculations for your records
• Different boxes on the 1099-DIV may need to be reported in different sections of your Canadian return

Remember:

• You must report foreign income even if no tax was withheld
• The foreign tax credit helps prevent double taxation on your international income

If you're unsure about how to report specific amounts from your 1099-DIV or have complex foreign income situations, consider consulting with a tax expert for guidance.